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ESPA BOND SYSTEMEuro bond fund with issues before 01.03.2001Status at 07/30/2010
Investment featuresIt is predominantly euro bonds that are acquired (bank bonds, mortgage bonds and corporate bonds) within the investment grade segment (AAA-BBB). The bond issue date will be before 01.03.2001. That means that now no tax will be payable on bond interest payments for non-resident EU taxpayers in Austria. The aim is to achieve regular income as high as the average market yield of euro government bonds.
Bond System invests mainly in Euro-denominated bonds (bank bonds, mortgage bonds and corporate bonds) in the investment grade segment (AAA – BBB) with an issue date prior to 1 March 2001. Thus, following current legislation, we avoid any taxation of the interest accrued on bonds for non-EU residents in Austria until the End of 2010. From 2011 onwards the returns will be partially taxable. The goal of the fund is to achieve an ongoing rate of return that equals the average market yield of euro government bonds.
This is an advertisement. Unless otherwise noted, data source ERSTE-SPARINVEST KAG. Our languages of communication are German and English. The latest version of the Prospectus (and any changes thereto) has been published in the “Amtsblatt zur Wiener Zeitung”, in accordance with the provisions of the Austrian Investmentfondsgesetz [Investment Funds Act]. Copies are available free of charge to interested parties at the registered offices of both ERSTE-SPARINVEST Kapitalanlagegesellschaft m.b.H. and Erste Group Bank AG (the custody bank). The most recent publication date and details of any other collection offices are published on the ERSTE-SPARINVEST KAG website (www.sparinvest.com). This document serves to provide additional information to our investors and reflects the knowledge of its authors at the time of going to press. Our analyses and conclusions are of a general nature and do not take into account the personal needs of our investors in terms of income, fiscal situation or attitude to risk. It should be noted that past performance is not a reliable indicator of the future performance of a fund.
Fund key data
Dividend01.12.
Base currencyEUR
Fund volume174,144,517.92
Fund accounting year01.09. to 31.08.
Day of first issue02/02/2004
Sales authorisationAT
Management fee0.50 % p.a.
Recommended holding periodII
Investor experienceA - B
Investor risk tolerance3
Contactansprechpartner@sparinvest.com
Share certificates
TypeISINCurrencyNet asset valueInitial charge
A.AT0000624259 EUR101.742.50%
T.AT0000624267 EUR120.992.50%
T.C.AT0000624275 EUR120.992.50%
Performance according to OeKB (Oesterreichische Kontrollbank AG) (in %, p.a.) (Reporting date: 07/30/2010)
Currency1 Year3 Years5 Years10 YearsBeginning of
the year *		Inception
EUR5.865.633.08 3.803.87
* absolute
Annual performance (in %, in fund base currency)
Year20052006200720082009
Performance 4.76 -0.80 0.48 8.88 2.96
Statistical data according to OeKB (3 years)
Sharpe ratio0.92
Volatility (in %)3.41
Benefits for investorLong-term high return equalling the secondary market yield (euro government bonds)
High level of security ensured by choosing issuers with a predominantly good credit rating
Price gains when interest rates are falling
No tax payable on bond interest for non-resident EU taxpayers in Austria until the end of 2010
Please noteRising interest rates may lead to short-term falls in prices
Recommended length of holding at least 3-5 years
From 2011 onwards the returns will be partially taxable.
If there are any changes in the law, this may have a resultant effect on the taxation of this product
Top positions
SecurityShare of fund assets
FINLD 00/1118.16%
BD.LAENDER 4 LSA 98/138.27%
COREALCREDIT BK.OE.PF9556.39%
BD.LAENDER 3 LSA 98/136.35%
ERSTE GROUP BANK AG 98-13 26.11%
Fund ratios*
Average securities return2.53%
Average time to maturity2.46 Years
Duration6.58 Years
Mod. Duration6.39%
* Explanation of financial terms
Performance
Performance (incl. distribution of dividends) between 02/02/2004 and 07/30/2010
Min / Max performance
From adjusted net asset values between 02/02/2004 and 07/30/2010
Minimumin % p.a.Maximum
Securitytypes